“This bull run will eventually end…[and] the best way to handle that trade is to wait for the market to tell you the run is over,” says Ritholtz. But it hasn’t said that yet, and is behaving instead as would be expected after a big bull run.

“When you have a market up as torridly as this one has been since QE4 was announced you to have to think there will be a little bit of a slowdown. You can’t grow 13% a quarter for very long,” says Ritholtz.

Ritholtz, who is also the creator of The Big Picture[2] blog, studies the internal dynamics of the market for signs of where it’s heading, but those indicators are mixed.